Kingfisher Financial News | Maersk raises this year's performance guidance. Boosted by this news, most shipping stocks rose, with Great Harvest (03683) up 4.79%, OOIL (00316) up 2.61%, Cosco Shipping Holdings (01919) up 2.57%, Tian Yuan GP (06119) up 2.35%, and Cosco Ship Port (01199) up 1.92%.
Danish shipping group Maersk raises this year's performance guidance, mainly due to its strong third-quarter performance, strong demand, and continued disruption in the Red Sea shipping. Maersk's preliminary adjusted EBITDA for the third quarter reached $4.8 billion, exceeding the market's expectations of $3.7 billion; revenue was $15.8 billion, also higher than the expected $14.4 billion. The company also adjusted its forecast for global container market throughput growth this year from the previous 4-6% to around 6% growth. EBITDA expectations for the year were also raised to $11 billion to $11.5 billion, up from the earlier range of $9 billion to $11 billion. In addition, the expected range for full-year EBITDA before tax was also increased to $5.2 billion to $5.7 billion, higher than the earlier estimate of $3 billion to $5 billion.
